Son's bank account frozen for 12 days, now back to normal. Is there any after effects?

born_again

JonMitchell said:

Section62 said:

A £12k cash deposit would be the kind of thing which could cause banking problems... but how were they able to pay the money into their account without the bank asking for more information about the source of funds at the time?

What is almost certain is the bank won't be specific about any concerns they had and/or the processes they followed.  If you feel fobbed-off by their answers then there's a reason for that - i.e. them not wanting to put themselves in a position where they are 'tipping off'.

When your son comes to purchasing their property the solicitor is going to want evidence of the source of funds.  A parent withdrawing £800 cash daily and handing it over is towards the more unusual end of the spectrum of 'normal' activity, so your son should expect some further raised eyebrows when that is explained.

My son and wife just deposited the cash in their local branch machine. I get your point about raising eyebrows though.

Their solicitor was informed that I was gifting money in cash to them and was satisfied with the explanation given, because I don't do online banking, although I think I might have to learn to eventually. For your information, they exchanged contract yesterday.

During that 12 days when my son and daughter-in-law's joint account were frozen, they tried to open another bank account as they have only 1 joint bank account between themselves. But that highstreet bank rejected their application. This led us to think the bank might have submitted a suspicious activities report....

I am not angry with the bank's action but rather concerned if there will be any implication for my son and daughter-in-law in the future. Hopefully not??


 

That is the reason it got flagged. Regular amounts of cash deposited with no reason is not usual behaviour. 

Question for you. £800 is a unusual amount to get out of a ATM, most cards are £300 to £500. I know some do £1000 cards. 

Should not affect them going forward. But will stay flagged on their account notes. So best not to try that method again. Pop into branch & ask them to transfer funds for you. 👍

JonMitchell

born_again said:

JonMitchell said:

Section62 said:

A £12k cash deposit would be the kind of thing which could cause banking problems... but how were they able to pay the money into their account without the bank asking for more information about the source of funds at the time?

What is almost certain is the bank won't be specific about any concerns they had and/or the processes they followed.  If you feel fobbed-off by their answers then there's a reason for that - i.e. them not wanting to put themselves in a position where they are 'tipping off'.

When your son comes to purchasing their property the solicitor is going to want evidence of the source of funds.  A parent withdrawing £800 cash daily and handing it over is towards the more unusual end of the spectrum of 'normal' activity, so your son should expect some further raised eyebrows when that is explained.

My son and wife just deposited the cash in their local branch machine. I get your point about raising eyebrows though.

Their solicitor was informed that I was gifting money in cash to them and was satisfied with the explanation given, because I don't do online banking, although I think I might have to learn to eventually. For your information, they exchanged contract yesterday.

During that 12 days when my son and daughter-in-law's joint account were frozen, they tried to open another bank account as they have only 1 joint bank account between themselves. But that highstreet bank rejected their application. This led us to think the bank might have submitted a suspicious activities report....

I am not angry with the bank's action but rather concerned if there will be any implication for my son and daughter-in-law in the future. Hopefully not??


 

That is the reason it got flagged. Regular amounts of cash deposited with no reason is not usual behaviour. 

Question for you. £800 is a unusual amount to get out of a ATM, most cards are £300 to £500. I know some do £1000 cards. 

Should not affect them going forward. But will stay flagged on their account notes. So best not to try that method again. Pop into branch & ask them to transfer funds for you. 👍

Mine has a £1000 limit daily, not sure why drawing £800 is an unusual amount? 

Will get bank staffs to do it for me in future, thats for sure.

Sea_Shell

JonMitchell said:

born_again said:

JonMitchell said:

Section62 said:

A £12k cash deposit would be the kind of thing which could cause banking problems... but how were they able to pay the money into their account without the bank asking for more information about the source of funds at the time?

What is almost certain is the bank won't be specific about any concerns they had and/or the processes they followed.  If you feel fobbed-off by their answers then there's a reason for that - i.e. them not wanting to put themselves in a position where they are 'tipping off'.

When your son comes to purchasing their property the solicitor is going to want evidence of the source of funds.  A parent withdrawing £800 cash daily and handing it over is towards the more unusual end of the spectrum of 'normal' activity, so your son should expect some further raised eyebrows when that is explained.

My son and wife just deposited the cash in their local branch machine. I get your point about raising eyebrows though.

Their solicitor was informed that I was gifting money in cash to them and was satisfied with the explanation given, because I don't do online banking, although I think I might have to learn to eventually. For your information, they exchanged contract yesterday.

During that 12 days when my son and daughter-in-law's joint account were frozen, they tried to open another bank account as they have only 1 joint bank account between themselves. But that highstreet bank rejected their application. This led us to think the bank might have submitted a suspicious activities report....

I am not angry with the bank's action but rather concerned if there will be any implication for my son and daughter-in-law in the future. Hopefully not??


 

That is the reason it got flagged. Regular amounts of cash deposited with no reason is not usual behaviour. 

Question for you. £800 is a unusual amount to get out of a ATM, most cards are £300 to £500. I know some do £1000 cards. 

Should not affect them going forward. But will stay flagged on their account notes. So best not to try that method again. Pop into branch & ask them to transfer funds for you. 👍

Mine has a £1000 limit daily, not sure why drawing £800 is an unusual amount? 

Will get bank staffs to do it for me in future, thats for sure.

It's no so much the withdrawals that are the issue for banks, but the paying in.

JonMitchell

Hi all

Just a quick note, my son and daughter-in-law completed yesterday and moved into their first home!

Thanks